5
March 2024
LEI: 549300PT2CIHYN5GWJ21
Serco Group
plc
(Serco or the
Company)
Share Repurchase Programme
Serco today announces that, as
outlined in the announcement of its 2023 Full Year Results on 29
February 2024, it intends to repurchase shares with a value of up
to £140 million (the Programme).
Serco has instructed Barclays
Capital Securities Limited (Barclays) and J.P. Morgan Securities
plc (JPMS), together the Brokers, to execute the
Programme.
Serco has entered into a
non-discretionary and irrevocable instruction with Barclays in
relation to the purchase by Barclays, acting as riskless principal
during the period commencing today and ending no later than 5
August 2024, of the Company's Ordinary Shares of 2 pence each
(Ordinary Shares) for an aggregate purchase price of up to £70
million. Following completion, or any termination of such
instruction, the Programme will continue under a second
non-discretionary and irrevocable instruction with JPMS in relation
to the purchase by JPMS, acting as riskless principal during the
period commencing following the end of the Barclays instruction and
ending no later than 31 December 2024, subject to suspension for
certain exceptional and/or unforeseen circumstances, of further
Ordinary Shares for an aggregate purchase price of up to £70
million.
The aggregate number of shares
acquired by the Company shall not exceed 115,617,039 Ordinary
Shares as authorised by shareholders at the 2023 Annual General
Meeting. It is intended that any Ordinary Shares purchased under
the Programme will be transferred into treasury and subsequently
cancelled. This arrangement is in accordance with Chapter 12 of the
Financial Conduct Authority's Listing Rules and the Company's
general authority to repurchase shares.
The aggregate purchase price of the
Ordinary Shares bought by the Brokers under the two instructions
shall be no greater than £140 million. Each of the Brokers shall
make a simultaneous on-sale of Ordinary Shares purchased under the
instructions to Serco. The Brokers will make their trading
decisions in relation to the Programme independently of, and
uninfluenced by, Serco.
The Brokers may undertake
transactions in Ordinary Shares (which may include sales and
hedging activities, in addition to purchases which may take place
on any available trading venue or on an over the counter basis)
during the period of the Programme in order to manage their market
exposure under the Programme. Disclosure of such transactions will
not be made by the relevant Broker as a result of or as part of the
Programme, but the Brokers will continue to make any disclosures
they are otherwise legally required to make.
Ends
For
further information please contact:
Paul Checketts, Head of
Investor Relations, tel:
+44 (0) 7718
195 074 or email: paul.checketts@serco.com
Marcus De Ville, Head of
Media Relations, tel: +44 (0) 7738 898 550 or
email: marcus.deville@serco.com
About Serco
Serco brings together the right
people, the right technology and the right partners to create
innovative solutions that make positive impact and address some of
the most urgent and complex challenges facing the modern
world. With a primary focus on serving governments globally,
Serco's services are powered by more than 50,000 people working
across defence, space, migration, justice, healthcare, mobility and
customer services. Serco's core capabilities include service design
and advisory, resourcing, complex programme management, systems
integration, case management, engineering, and asset &
facilities management. Underpinned by Serco's unique operating
model, Serco drives innovation and supports customers from service
discovery through to delivery. More information can be found
at www.serco.com